Since ancient times Cyprus has been considered shipping nation.
The combination of the following factors have since established the island as one of the leading shipping counties in the world
- Strategic location being at the crossroad of 3 continents,
- EU membership and adoption of EU regulations
- An easy to understand and implement legal system based on English model
- High level of professionalism in the services sector,
- No exchange control and freedom of movement of foreign currency.
- Extensive Double Tax treaty Network.
- Profits from the operation or management of a Cypriot registered vessel or on dividends received from a shipowning company are exempt from tax.
- Capital gains tax on the sale or transfer of a Cypriot registered vessel or the shares of a shipowning company are exempt from tax.
- The emoluments of officers and crew are not taxed.
- There is no stamp duty on ship mortgage deeds or other security documents.
- Tonnage tax system
The recent approval by the Cyprus Parliament of The Merchant Shipping (Fees and Taxing Provisions) Law of 2010 and the blessing it has received from the EU has further enhanced the credibility of the island.
Whether you are a ship owner, a ship charterer or a ship manager Cyprus is the place to be.
Please contact us for further information and advice.